SEATTLE--(BUSINESS WIRE)--Seamless, up-to-the-minute credit and debit card services have become the major demand of credit union members and the biggest focus of concern for credit union executives. According to a new study by Member Access Processing (MAP), the largest aggregator for VISA services for credit unions in the US, credit union members want the most robust app features, the best rewards, and near-instant, responsive customer service. And this is a major worry for credit unions.
The 2019 MAP Happiness Payment Report from Member Access Processing (MAP) revealed that a large majority of credit unions (44.76%) are very concerned that members may leave their credit union if their card services don’t offer the most current capabilities or mobile access. These numbers continue an upward trend in the importance role that credit and debit card service plays in member retention across all credit unions.
The survey also revealed when a credit union’s card services are running smoothly, there is a corresponding relief and happiness. In fact, credit union executives are happiest about their card payments, with nearly a third (29%) saying this was the most important service for their credit unions. After card payments, executives were focused on Online Banking (20%), Mobile Banking (18%), Member Lending and Business Lending (10%), Mortgage and Home Loans (6%), Investment Service (4%), and Community Service and Outreach (3%). These numbers reflect a reordering of priorities for members, who now want, and expect, near instantaneous access to their accounts.
“There is no underestimating the importance of a solid Payments Program to a credit union’s reputation and its long-term relationship with its membership,” states Cyndie Martini, President and CEO of Member Access Processing. “We seek to separate ourselves by providing highly personalized service – treating our client credit unions the way they would treat their members. It’s why we consistently achieve a 80-plus Net Promoter Score.”
Overall, the respondents were happy with their credit unions’ Card Payment and Online Banking services. The report found that just over half were Very Happy with their debit (55.71%) and credit (56.67%) programs. Not surprising, those that were Very Happy with their processor were also Very Confident in their performance (77.4%), viewed their processor’s innovation as Cutting Edge (77.3%), and rated their provider as Very Easy to talk to via phone of email (80.3%).
Another interesting find was that a majority felt that their card processor was Very Important (54.76%) to the success of their credit union.
MAP’s Happiness Payment Report is conducted annually by the credit union-owned issuer and processor, measuring how credit union executives feel about their credit and debit programs and how important those programs are to their institution’s success. The report surveyed 212 credit union executives in the U.S. about their debit and credit payment providers. Respondents were executives and department directors in the areas of credit union operations, card management, risk management, Lending, Finance, and IT.
To view the study’s full report, please click here.
About Member Access Processing (MAP)
Member Access Processing (MAP) is the nation’s only card processing aggregator of the Visa Debit Processing Service platform for credit unions. MAP’s special role in the marketplace provides our client credit unions the unique opportunity to leverage the technology, security, and service of Visa for their members. MAP is a subsidiary of Currencē Payment Solutions, a Credit Union Service Organization, with an unrivaled commitment to the credit union movement, where credit union are valued first and foremost. Working directly with Visa, MAP offers customized, turn-key Debit, Credit, ATM, Mobile, Prepaid-Reloadable, and Gift solutions — all supported by MAP’s five-star training, support and service.